{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}h:\HST_PSRM_log.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}14 Feb 2019, 15:16:14
{txt}
{com}. 
. *Figure 1
. use "$data\fig1data.dta", clear
{txt}
{com}. 
. la var number "Number of municipalties"
{txt}
{com}. la var year "Year"
{txt}
{com}. 
. twoway line number year if year>1979, graphregion(color(white)) xline(2008 2009, lcolor(black)) ylabel(250(50)500) xlabel(1980(10)2020)
{res}{txt}
{com}. 
. *Table 1
. use "$data\merger_level_data_PSRM.dta", clear
{txt}
{com}. 
. global desc "cosize copop comeddist3 coexpenpc conetexpenpc cotaxrate coinctaxbasepc cograntspc cocoop subsidypc colhprice"
{txt}
{com}. 
. sum $desc if year==2006 & merger==1

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}cosize {c |}{res}         29    3.172414    1.774199          2         10
{txt}{space 7}copop {c |}{res}         29     35642.9    34706.97       5708     133592
{txt}{space 2}comeddist3 {c |}{res}         29       17.37    9.895321   2.904646   41.14833
{txt}{space 3}coexpenpc {c |}{res}         29    4669.297    475.0196   3602.802    5789.81
{txt}conetexpenpc {c |}{res}         29   -3692.923    346.7665  -4553.764  -2960.529
{txt}{hline 13}{c +}{hline 57}
{space 3}cotaxrate {c |}{res}         29    18.73328    .7786136   16.83257   20.21807
{txt}coinctaxba~c {c |}{res}         29    11759.21    1643.266    8495.61   14569.65
{txt}{space 2}cograntspc {c |}{res}         29    1265.968    521.9064   616.0387   2540.569
{txt}{space 6}cocoop {c |}{res}         29    .4482759    .5061202          0          1
{txt}{space 3}subsidypc {c |}{res}         29    329.3335    219.8384   43.11636   1067.681
{txt}{hline 13}{c +}{hline 57}
{space 3}colhprice {c |}{res}         24    7.087222    .2304422   6.686657   7.375202
{txt}
{com}. sum $desc if year==2006 & merger==0

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 6}cosize {c |}{res}        145    3.172414    1.749384          2         10
{txt}{space 7}copop {c |}{res}        145    43470.43    35232.66       4764     179104
{txt}{space 2}comeddist3 {c |}{res}        145     18.8593    9.159773   6.179174   42.98727
{txt}{space 3}coexpenpc {c |}{res}        145     4563.44    418.5392   3866.152   5759.839
{txt}conetexpenpc {c |}{res}        145   -3683.277    255.2683  -4283.931  -3241.234
{txt}{hline 13}{c +}{hline 57}
{space 3}cotaxrate {c |}{res}        145    18.89669    .4075911   17.83322   19.98238
{txt}coinctaxba~c {c |}{res}        145    11330.32     1675.43   8369.813   15508.65
{txt}{space 2}cograntspc {c |}{res}        145    1373.049    454.0465   433.0227   2324.563
{txt}{space 6}cocoop {c |}{res}        145    .4137931    .4942195          0          1
{txt}{space 3}subsidypc {c |}{res}        145    277.8721    162.9216   32.16009   755.6675
{txt}{hline 13}{c +}{hline 57}
{space 3}colhprice {c |}{res}        139    6.991032    .2590758   6.480592   7.592308
{txt}
{com}. 
. ttest copop if year==2006, by(merger) 

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    145{col 22} 43470.43{col 34} 2925.913{col 46} 35232.66{col 58} 37687.14{col 70} 49253.72
       {txt}1 {c |}{res}{col 12}     29{col 22}  35642.9{col 34} 6444.922{col 46} 34706.97{col 58} 22441.07{col 70} 48844.72
{txt}{hline 9}{c +}{hline 68}
combined {c |}{res}{col 12}    174{col 22} 42165.84{col 34} 2666.063{col 46} 35167.79{col 58} 36903.64{col 70} 47428.04
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22} 7827.531{col 34} 7149.696{col 58}-6284.911{col 70} 21939.97
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res}  1.0948
{txt}Ho: diff = 0                                     degrees of freedom = {res}     172

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.8624         {txt}Pr(|T| > |t|) = {res}0.2751          {txt}Pr(T > t) = {res}0.1376
{txt}
{com}. ttest comeddist3 if year==2006, by(merger) 

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    145{col 22}  18.8593{col 34} .7606778{col 46} 9.159773{col 58} 17.35577{col 70} 20.36284
       {txt}1 {c |}{res}{col 12}     29{col 22}    17.37{col 34} 1.837515{col 46} 9.895321{col 58} 13.60602{col 70} 21.13398
{txt}{hline 9}{c +}{hline 68}
combined {c |}{res}{col 12}    174{col 22} 18.61109{col 34} .7030099{col 46} 9.273337{col 58} 17.22351{col 70} 19.99867
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22} 1.489306{col 34} 1.888438{col 58}-2.238191{col 70} 5.216804
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res}  0.7886
{txt}Ho: diff = 0                                     degrees of freedom = {res}     172

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.7843         {txt}Pr(|T| > |t|) = {res}0.4314          {txt}Pr(T > t) = {res}0.2157
{txt}
{com}. ttest coexpenpc if year==2006, by(merger) 

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    145{col 22}  4563.44{col 34} 34.75779{col 46} 418.5392{col 58} 4494.738{col 70} 4632.141
       {txt}1 {c |}{res}{col 12}     29{col 22} 4669.297{col 34} 88.20893{col 46} 475.0196{col 58}  4488.61{col 70} 4849.985
{txt}{hline 9}{c +}{hline 68}
combined {c |}{res}{col 12}    174{col 22} 4581.083{col 34} 32.50961{col 46} 428.8311{col 58} 4516.916{col 70} 4645.249
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22}-105.8576{col 34}  87.1125{col 58}-277.8048{col 70}  66.0896
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res} -1.2152
{txt}Ho: diff = 0                                     degrees of freedom = {res}     172

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.1130         {txt}Pr(|T| > |t|) = {res}0.2260          {txt}Pr(T > t) = {res}0.8870
{txt}
{com}. ttest conetexpenpc if year==2006, by(merger) 

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    145{col 22}-3683.277{col 34} 21.19888{col 46} 255.2683{col 58}-3725.178{col 70}-3641.376
       {txt}1 {c |}{res}{col 12}     29{col 22}-3692.923{col 34} 64.39292{col 46} 346.7665{col 58}-3824.826{col 70} -3561.02
{txt}{hline 9}{c +}{hline 68}
combined {c |}{res}{col 12}    174{col 22}-3684.884{col 34} 20.58257{col 46} 271.5028{col 58} -3725.51{col 70}-3644.259
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22} 9.646166{col 34} 55.38427{col 58}-99.67419{col 70} 118.9665
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res}  0.1742
{txt}Ho: diff = 0                                     degrees of freedom = {res}     172

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.5690         {txt}Pr(|T| > |t|) = {res}0.8619          {txt}Pr(T > t) = {res}0.4310
{txt}
{com}. ttest cotaxrate if year==2006, by(merger) 

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    145{col 22} 18.89669{col 34} .0338486{col 46} .4075911{col 58} 18.82979{col 70}  18.9636
       {txt}1 {c |}{res}{col 12}     29{col 22} 18.73328{col 34} .1445849{col 46} .7786136{col 58} 18.43711{col 70} 19.02945
{txt}{hline 9}{c +}{hline 68}
combined {c |}{res}{col 12}    174{col 22} 18.86946{col 34} .0371493{col 46} .4900327{col 58} 18.79613{col 70} 18.94278
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22} .1634142{col 34} .0991918{col 58}-.0323758{col 70} .3592041
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res}  1.6475
{txt}Ho: diff = 0                                     degrees of freedom = {res}     172

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.9494         {txt}Pr(|T| > |t|) = {res}0.1013          {txt}Pr(T > t) = {res}0.0506
{txt}
{com}. ttest coinctaxbasepc if year==2006, by(merger) 

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    145{col 22} 11330.32{col 34} 139.1369{col 46}  1675.43{col 58} 11055.31{col 70} 11605.34
       {txt}1 {c |}{res}{col 12}     29{col 22} 11759.21{col 34} 305.1469{col 46} 1643.266{col 58} 11134.15{col 70} 12384.28
{txt}{hline 9}{c +}{hline 68}
combined {c |}{res}{col 12}    174{col 22}  11401.8{col 34} 126.8373{col 46} 1673.099{col 58} 11151.46{col 70} 11652.15
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22}-428.8915{col 34} 339.7578{col 58}-1099.523{col 70} 241.7403
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res} -1.2623
{txt}Ho: diff = 0                                     degrees of freedom = {res}     172

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.1043         {txt}Pr(|T| > |t|) = {res}0.2085          {txt}Pr(T > t) = {res}0.8957
{txt}
{com}. ttest cograntspc if year==2006, by(merger) 

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    145{col 22} 1373.049{col 34} 37.70651{col 46} 454.0465{col 58}  1298.52{col 70} 1447.579
       {txt}1 {c |}{res}{col 12}     29{col 22} 1265.968{col 34} 96.91558{col 46} 521.9064{col 58} 1067.445{col 70}  1464.49
{txt}{hline 9}{c +}{hline 68}
combined {c |}{res}{col 12}    174{col 22} 1355.203{col 34} 35.33805{col 46} 466.1408{col 58} 1285.453{col 70} 1424.952
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22} 107.0817{col 34} 94.74601{col 58}-79.93296{col 70} 294.0963
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res}  1.1302
{txt}Ho: diff = 0                                     degrees of freedom = {res}     172

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.8700         {txt}Pr(|T| > |t|) = {res}0.2600          {txt}Pr(T > t) = {res}0.1300
{txt}
{com}. ttest cocoop if year==2006, by(merger) 

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    145{col 22} .4137931{col 34} .0410427{col 46} .4942195{col 58} .3326691{col 70} .4949171
       {txt}1 {c |}{res}{col 12}     29{col 22} .4482759{col 34} .0939842{col 46} .5061202{col 58}  .255758{col 70} .6407937
{txt}{hline 9}{c +}{hline 68}
combined {c |}{res}{col 12}    174{col 22} .4195402{col 34} .0375189{col 46}  .494908{col 58} .3454865{col 70} .4935939
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22}-.0344828{col 34} .1009317{col 58} -.233707{col 70} .1647415
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res} -0.3416
{txt}Ho: diff = 0                                     degrees of freedom = {res}     172

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.3665         {txt}Pr(|T| > |t|) = {res}0.7330          {txt}Pr(T > t) = {res}0.6335
{txt}
{com}. ttest subsidypc if year==2006, by(merger) 

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    145{col 22} 277.8721{col 34}  13.5299{col 46} 162.9216{col 58} 251.1292{col 70}  304.615
       {txt}1 {c |}{res}{col 12}     29{col 22} 329.3335{col 34} 40.82297{col 46} 219.8384{col 58} 245.7114{col 70} 412.9556
{txt}{hline 9}{c +}{hline 68}
combined {c |}{res}{col 12}    174{col 22}  286.449{col 34} 13.19307{col 46} 174.0285{col 58} 260.4089{col 70} 312.4891
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22}-51.46143{col 34} 35.28597{col 58}-121.1107{col 70} 18.18786
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res} -1.4584
{txt}Ho: diff = 0                                     degrees of freedom = {res}     172

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.0733         {txt}Pr(|T| > |t|) = {res}0.1466          {txt}Pr(T > t) = {res}0.9267
{txt}
{com}. ttest colhprice if year==2006, by(merger) 

{txt}Two-sample t test with equal variances
{hline 9}{c TT}{hline 68}
   Group{col 10}{c |}{col 16}Obs{col 27}Mean{col 35}Std. Err.{col 47}Std. Dev.{col 59}[95% Conf. Interval]
{hline 9}{c +}{hline 68}
       0 {c |}{res}{col 12}    139{col 22} 6.991032{col 34} .0219745{col 46} .2590758{col 58} 6.947582{col 70} 7.034482
       {txt}1 {c |}{res}{col 12}     24{col 22} 7.087222{col 34} .0470388{col 46} .2304422{col 58} 6.989914{col 70} 7.184529
{txt}{hline 9}{c +}{hline 68}
combined {c |}{res}{col 12}    163{col 22} 7.005195{col 34} .0201048{col 46} .2566804{col 58} 6.965494{col 70} 7.044896
{txt}{hline 9}{c +}{hline 68}
    diff {c |}{res}{col 22}-.0961895{col 34} .0564067{col 58} -.207582{col 70}  .015203
{txt}{hline 9}{c BT}{hline 68}
    diff = mean({res}0{txt}) - mean({res}1{txt})                                      t = {res} -1.7053
{txt}Ho: diff = 0                                     degrees of freedom = {res}     161

    {txt}Ha: diff < 0                 Ha: diff != 0                 Ha: diff > 0
 Pr(T < t) = {res}0.0450         {txt}Pr(|T| > |t|) = {res}0.0901          {txt}Pr(T > t) = {res}0.9550
{txt}
{com}. 
. *Table 2
. use "$data\municipality_level_data_PSRM.dta", clear
{txt}
{com}. 
. global treat "seatsha08 population popshadesc" 
{txt}
{com}. global outcomes "gov_jobspc school_jobspc health_jobspc oth_jobspc"
{txt}
{com}. 
. sum $treat $outcomes if treatgroup==0 & year==2007

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 3}seatsha08 {c |}{res}        460           1           0          1          1
{txt}{space 2}population {c |}{res}        460    10750.49    15372.29        901     175286
{txt}{space 2}popshadesc {c |}{res}        460    .2565217    .2111092   .0173949   .9786555
{txt}{space 2}gov_jobspc {c |}{res}        460     .012507    .0157116   .0024361   .1498746
{txt}school_job~c {c |}{res}        460    .0229767    .0095649   .0054054    .057554
{txt}{hline 13}{c +}{hline 57}
health_job~c {c |}{res}        460    .0499185     .018029   .0198646   .1267329
{txt}{space 2}oth_jobspc {c |}{res}        460    .2324274    .0739326   .0862208   .4090272
{txt}
{com}. sum $treat $outcomes if treatgroup==3 & year==2007

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 3}seatsha08 {c |}{res}         31    .0642935    .0309586   .0133333   .1190476
{txt}{space 2}population {c |}{res}         31    2424.032     1945.64        258       8264
{txt}{space 2}popshadesc {c |}{res}         31     .053755    .0324478   .0134572   .1175691
{txt}{space 2}gov_jobspc {c |}{res}         31    .0082295    .0050362          0    .027027
{txt}school_job~c {c |}{res}         31    .0137423    .0079072   .0011628   .0310078
{txt}{hline 13}{c +}{hline 57}
health_job~c {c |}{res}         31    .0429908    .0215111    .012945   .1202325
{txt}{space 2}oth_jobspc {c |}{res}         31    .1680507    .0427008   .0852713   .2366026
{txt}
{com}. sum $treat $outcomes if treatgroup==2 & year==2007

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 3}seatsha08 {c |}{res}         31    .2239485    .0790484   .1355932   .4074074
{txt}{space 2}population {c |}{res}         31    7467.226    8417.303        956      36100
{txt}{space 2}popshadesc {c |}{res}         31    .2090991    .0774468   .0885103   .3456814
{txt}{space 2}gov_jobspc {c |}{res}         31    .0155305    .0160405   .0029722   .0856475
{txt}school_job~c {c |}{res}         31    .0210466    .0134703   .0021254   .0645418
{txt}{hline 13}{c +}{hline 57}
health_job~c {c |}{res}         31    .0465542    .0202819    .022848   .0973945
{txt}{space 2}oth_jobspc {c |}{res}         31    .2186652    .0763249   .1213389   .5094594
{txt}
{com}. sum $treat $outcomes if treatgroup==1 & year==2007

{txt}    Variable {c |}        Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 57}
{space 3}seatsha08 {c |}{res}         30    .6688166    .1633015   .4186046    .969697
{txt}{space 2}population {c |}{res}         30     24419.3    28560.65       2932     131585
{txt}{space 2}popshadesc {c |}{res}         30    .6950507    .1865352   .1706934   .9743068
{txt}{space 2}gov_jobspc {c |}{res}         30    .0175106    .0114675    .002511    .049841
{txt}school_job~c {c |}{res}         30    .0288446    .0117357   .0133862   .0606192
{txt}{hline 13}{c +}{hline 57}
health_job~c {c |}{res}         30    .0674627    .0216014   .0301926   .1284015
{txt}{space 2}oth_jobspc {c |}{res}         30    .2740496    .0758511   .1414719   .5254244
{txt}
{com}. 
. *Figure 2
. use "$data\merger_level_data_PSRM.dta", clear
{txt}
{com}. 
. by year merger, sort: egen expenmean=mean(coexpenpc)
{txt}
{com}. by year merger, sort: egen nexpenmean=mean(conetexpenpc)
{txt}
{com}. by year merger, sort: egen taxratemean=mean(cotaxrate)
{txt}
{com}. by year merger, sort: egen lhpricemean=mean(colhprice)
{txt}
{com}. 
. gen expenmean0=expenmean
{txt}
{com}. gen expenmean1=expenmean
{txt}
{com}. 
. gen nexpenmean0=nexpenmean
{txt}
{com}. gen nexpenmean1=nexpenmean
{txt}
{com}. 
. gen taxratemean0=taxratemean
{txt}
{com}. gen taxratemean1=taxratemean
{txt}
{com}. 
. gen lhpricemean0=lhpricemean
{txt}
{com}. gen lhpricemean1=lhpricemean
{txt}
{com}. 
. la var expenmean0 "No merger"
{txt}
{com}. la var expenmean1 "Merger"
{txt}
{com}. 
. la var nexpenmean0 "No merger"
{txt}
{com}. la var nexpenmean1 "Merger"
{txt}
{com}. 
. la var taxratemean0 "No merger"
{txt}
{com}. la var taxratemean1 "Merger"
{txt}
{com}. 
. la var lhpricemean0 "No merger"
{txt}
{com}. la var lhpricemean1 "Merger"
{txt}
{com}. 
. global cond0 "if merger==0"
{txt}
{com}. global cond1 "if merger==1"
{txt}
{com}. 
. global figspecexp "xline(2008.5, lcolor(blue)) xline(2013.5, lcolor(red)) mcolor(black) connect(l) lpattern(dash) lcolor(black) msize(large) xlabel(2000(2)2016, angle(45)) ylabel(2000(2000)7000) ytitle(Expenditures) xtitle("") legend(size(small))"
{txt}
{com}. global figspecnetexp "xline(2008.5, lcolor(blue)) xline(2013.5, lcolor(red)) mcolor(black) connect(l) lpattern(dash) lcolor(black) msize(large) xlabel(2000(2)2016, angle(45)) ylabel(-2500(1000)-6000) ytitle(Operating margin) xtitle("") legend(size(small))"
{txt}
{com}. global figspectaxrate "xline(2008.5, lcolor(blue)) xline(2013.5, lcolor(red)) mcolor(black) connect(l) lpattern(dash) lcolor(black) msize(large) xlabel(2000(2)2016, angle(45)) ylabel(16(2)22) ytitle(Tax rate) xtitle("") legend(size(small))"
{txt}
{com}. global figspectotlhprice "xline(2008.5, lcolor(blue)) xline(2013.5, lcolor(red)) mcolor(black) connect(l) lpattern(dash) lcolor(black) msize(large) xlabel(2000(2)2016, angle(45)) ylabel(6.4(0.4)7.6) ytitle(Log house price) xtitle("") legend(size(small))"
{txt}
{com}. 
. twoway (scatter expenmean0 year $cond0, $figspecexp msymbol(x)) /// 
> (scatter expenmean1 year $cond1, $figspecexp msymbol(o) graphregion(color(white)))
{res}{txt}
{com}. graph save Graph "$data\exp.gph", replace
{res}{txt}(file h:\exp.gph saved)

{com}. 
. twoway (scatter nexpenmean0 year $cond0, $figspecnetexp msymbol(x)) ///
> (scatter nexpenmean1 year $cond1, $figspecnetexp msymbol(o) graphregion(color(white)))
{res}{txt}
{com}. graph save Graph "$data\netexp.gph", replace
{res}{txt}(file h:\netexp.gph saved)

{com}. 
. twoway (scatter taxratemean0 year $cond0, $figspectaxrate msymbol(x)) ///
> (scatter taxratemean1 year $cond1, $figspectaxrate msymbol(o) graphregion(color(white)))
{res}{txt}
{com}. graph save Graph "$data\taxrate.gph", replace
{res}{txt}(file h:\taxrate.gph saved)

{com}. 
. twoway (scatter lhpricemean0 year $cond0, $figspectotlhprice msymbol(x)) ///
> (scatter lhpricemean1 year $cond1, $figspectotlhprice msymbol(o) graphregion(color(white)))
{res}{txt}
{com}. graph save Graph "$data\lhprice.gph", replace
{res}{txt}(file h:\lhprice.gph saved)

{com}. 
. grc1leg "$data\exp.gph" "$data\netexp.gph" "$data\taxrate.gph" "$data\lhprice.gph", graphregion(color(white))
{res}{txt}
{com}. 
. *Table 3
. use "$data\merger_level_data_PSRM.dta", clear
{txt}
{com}. 
. global tab "se(%9.3f) b(%9.3f) r2(%9.3f) nogaps star(* 0.05 ** 0.01) mtitles brackets order(_cons)"
{txt}
{com}. global did "merger mergery09 mergery10 mergery11 mergery12 mergery13 mergery14 mergery15 mergery16" 
{txt}
{com}. 
. est clear
{txt}
{com}. regress coexpenpc y2001-y2016 $did, cluster(coid)

{txt}Linear regression                               Number of obs     = {res}     2,958
                                                {txt}F(25, 146)        =  {res}   381.65
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.7428
                                                {txt}Root MSE          =    {res} 657.64

{txt}{ralign 78:(Std. Err. adjusted for {res:147} clusters in coid)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   coexpenpc{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}y2001 {c |}{col 14}{res}{space 2} 225.0486{col 26}{space 2} 6.061036{col 37}{space 1}   37.13{col 46}{space 3}0.000{col 54}{space 4} 213.0699{col 67}{space 3} 237.0273
{txt}{space 7}y2002 {c |}{col 14}{res}{space 2} 405.2423{col 26}{space 2} 8.799966{col 37}{space 1}   46.05{col 46}{space 3}0.000{col 54}{space 4} 387.8506{col 67}{space 3} 422.6341
{txt}{space 7}y2003 {c |}{col 14}{res}{space 2} 623.0742{col 26}{space 2} 9.278108{col 37}{space 1}   67.16{col 46}{space 3}0.000{col 54}{space 4} 604.7374{col 67}{space 3} 641.4109
{txt}{space 7}y2004 {c |}{col 14}{res}{space 2} 868.4097{col 26}{space 2} 14.33703{col 37}{space 1}   60.57{col 46}{space 3}0.000{col 54}{space 4} 840.0748{col 67}{space 3} 896.7446
{txt}{space 7}y2005 {c |}{col 14}{res}{space 2}  1054.64{col 26}{space 2} 17.34559{col 37}{space 1}   60.80{col 46}{space 3}0.000{col 54}{space 4} 1020.359{col 67}{space 3} 1088.921
{txt}{space 7}y2006 {c |}{col 14}{res}{space 2} 1253.621{col 26}{space 2} 18.41308{col 37}{space 1}   68.08{col 46}{space 3}0.000{col 54}{space 4} 1217.231{col 67}{space 3} 1290.012
{txt}{space 7}y2007 {c |}{col 14}{res}{space 2} 1490.983{col 26}{space 2} 20.05785{col 37}{space 1}   74.33{col 46}{space 3}0.000{col 54}{space 4} 1451.342{col 67}{space 3} 1530.624
{txt}{space 7}y2008 {c |}{col 14}{res}{space 2} 1874.316{col 26}{space 2} 24.40708{col 37}{space 1}   76.79{col 46}{space 3}0.000{col 54}{space 4}  1826.08{col 67}{space 3} 1922.553
{txt}{space 7}y2009 {c |}{col 14}{res}{space 2} 2062.522{col 26}{space 2} 34.25796{col 37}{space 1}   60.21{col 46}{space 3}0.000{col 54}{space 4} 1994.816{col 67}{space 3} 2130.227
{txt}{space 7}y2010 {c |}{col 14}{res}{space 2} 2249.475{col 26}{space 2} 65.66536{col 37}{space 1}   34.26{col 46}{space 3}0.000{col 54}{space 4} 2119.697{col 67}{space 3} 2379.252
{txt}{space 7}y2011 {c |}{col 14}{res}{space 2}   2572.4{col 26}{space 2} 69.52331{col 37}{space 1}   37.00{col 46}{space 3}0.000{col 54}{space 4} 2434.998{col 67}{space 3} 2709.802
{txt}{space 7}y2012 {c |}{col 14}{res}{space 2} 2885.606{col 26}{space 2} 73.69477{col 37}{space 1}   39.16{col 46}{space 3}0.000{col 54}{space 4}  2739.96{col 67}{space 3} 3031.253
{txt}{space 7}y2013 {c |}{col 14}{res}{space 2} 3098.612{col 26}{space 2}  77.8684{col 37}{space 1}   39.79{col 46}{space 3}0.000{col 54}{space 4} 2944.717{col 67}{space 3} 3252.507
{txt}{space 7}y2014 {c |}{col 14}{res}{space 2} 3129.285{col 26}{space 2} 77.93216{col 37}{space 1}   40.15{col 46}{space 3}0.000{col 54}{space 4} 2975.264{col 67}{space 3} 3283.306
{txt}{space 7}y2015 {c |}{col 14}{res}{space 2} 3234.156{col 26}{space 2} 71.14056{col 37}{space 1}   45.46{col 46}{space 3}0.000{col 54}{space 4} 3093.557{col 67}{space 3} 3374.754
{txt}{space 7}y2016 {c |}{col 14}{res}{space 2} 3330.414{col 26}{space 2} 72.72444{col 37}{space 1}   45.79{col 46}{space 3}0.000{col 54}{space 4} 3186.685{col 67}{space 3} 3474.142
{txt}{space 6}merger {c |}{col 14}{res}{space 2} 86.17807{col 26}{space 2} 86.79694{col 37}{space 1}    0.99{col 46}{space 3}0.322{col 54}{space 4}-85.36268{col 67}{space 3} 257.7188
{txt}{space 3}mergery09 {c |}{col 14}{res}{space 2} 132.7415{col 26}{space 2} 99.40638{col 37}{space 1}    1.34{col 46}{space 3}0.184{col 54}{space 4}-63.71985{col 67}{space 3} 329.2029
{txt}{space 3}mergery10 {c |}{col 14}{res}{space 2} 174.8111{col 26}{space 2}   117.48{col 37}{space 1}    1.49{col 46}{space 3}0.139{col 54}{space 4} -57.3699{col 67}{space 3} 406.9921
{txt}{space 3}mergery11 {c |}{col 14}{res}{space 2} 152.4537{col 26}{space 2}   125.42{col 37}{space 1}    1.22{col 46}{space 3}0.226{col 54}{space 4}-95.41961{col 67}{space 3}  400.327
{txt}{space 3}mergery12 {c |}{col 14}{res}{space 2} 162.1379{col 26}{space 2} 138.4788{col 37}{space 1}    1.17{col 46}{space 3}0.244{col 54}{space 4} -111.544{col 67}{space 3} 435.8198
{txt}{space 3}mergery13 {c |}{col 14}{res}{space 2} 38.08962{col 26}{space 2} 142.5071{col 37}{space 1}    0.27{col 46}{space 3}0.790{col 54}{space 4}-243.5537{col 67}{space 3} 319.7329
{txt}{space 3}mergery14 {c |}{col 14}{res}{space 2} 89.24378{col 26}{space 2} 142.3013{col 37}{space 1}    0.63{col 46}{space 3}0.532{col 54}{space 4}-191.9929{col 67}{space 3} 370.4804
{txt}{space 3}mergery15 {c |}{col 14}{res}{space 2} 27.87832{col 26}{space 2} 145.3182{col 37}{space 1}    0.19{col 46}{space 3}0.848{col 54}{space 4}-259.3207{col 67}{space 3} 315.0773
{txt}{space 3}mergery16 {c |}{col 14}{res}{space 2} 37.68923{col 26}{space 2} 154.1812{col 37}{space 1}    0.24{col 46}{space 3}0.807{col 54}{space 4} -267.026{col 67}{space 3} 342.4045
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3313.098{col 26}{space 2} 31.31877{col 37}{space 1}  105.79{col 46}{space 3}0.000{col 54}{space 4} 3251.202{col 67}{space 3} 3374.995
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. est sto exp1
{txt}
{com}. regress conetexpenpc y2001-y2016 $did, cluster(coid)

{txt}Linear regression                               Number of obs     = {res}     2,958
                                                {txt}F(25, 146)        =  {res}   931.76
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.8521
                                                {txt}Root MSE          =    {res} 367.79

{txt}{ralign 78:(Std. Err. adjusted for {res:147} clusters in coid)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}conetexpenpc{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}y2001 {c |}{col 14}{res}{space 2}-195.3334{col 26}{space 2}   7.4378{col 37}{space 1}  -26.26{col 46}{space 3}0.000{col 54}{space 4} -210.033{col 67}{space 3}-180.6337
{txt}{space 7}y2002 {c |}{col 14}{res}{space 2}-352.4393{col 26}{space 2}  5.87788{col 37}{space 1}  -59.96{col 46}{space 3}0.000{col 54}{space 4} -364.056{col 67}{space 3}-340.8226
{txt}{space 7}y2003 {c |}{col 14}{res}{space 2} -531.346{col 26}{space 2} 6.701911{col 37}{space 1}  -79.28{col 46}{space 3}0.000{col 54}{space 4}-544.5913{col 67}{space 3}-518.1007
{txt}{space 7}y2004 {c |}{col 14}{res}{space 2}-728.9559{col 26}{space 2} 8.802686{col 37}{space 1}  -82.81{col 46}{space 3}0.000{col 54}{space 4} -746.353{col 67}{space 3}-711.5587
{txt}{space 7}y2005 {c |}{col 14}{res}{space 2}-875.6124{col 26}{space 2} 9.613446{col 37}{space 1}  -91.08{col 46}{space 3}0.000{col 54}{space 4}-894.6119{col 67}{space 3}-856.6129
{txt}{space 7}y2006 {c |}{col 14}{res}{space 2}-1019.665{col 26}{space 2} 11.71879{col 37}{space 1}  -87.01{col 46}{space 3}0.000{col 54}{space 4}-1042.825{col 67}{space 3}-996.5046
{txt}{space 7}y2007 {c |}{col 14}{res}{space 2}-1208.069{col 26}{space 2} 12.10711{col 37}{space 1}  -99.78{col 46}{space 3}0.000{col 54}{space 4}-1231.997{col 67}{space 3}-1184.141
{txt}{space 7}y2008 {c |}{col 14}{res}{space 2} -1549.51{col 26}{space 2} 13.45534{col 37}{space 1} -115.16{col 46}{space 3}0.000{col 54}{space 4}-1576.102{col 67}{space 3}-1522.918
{txt}{space 7}y2009 {c |}{col 14}{res}{space 2} -1688.16{col 26}{space 2} 15.38774{col 37}{space 1} -109.71{col 46}{space 3}0.000{col 54}{space 4}-1718.572{col 67}{space 3}-1657.749
{txt}{space 7}y2010 {c |}{col 14}{res}{space 2}-1770.517{col 26}{space 2}  18.7068{col 37}{space 1}  -94.65{col 46}{space 3}0.000{col 54}{space 4}-1807.488{col 67}{space 3}-1733.546
{txt}{space 7}y2011 {c |}{col 14}{res}{space 2}-2037.004{col 26}{space 2} 21.16309{col 37}{space 1}  -96.25{col 46}{space 3}0.000{col 54}{space 4}-2078.829{col 67}{space 3}-1995.178
{txt}{space 7}y2012 {c |}{col 14}{res}{space 2}-2295.117{col 26}{space 2} 23.93473{col 37}{space 1}  -95.89{col 46}{space 3}0.000{col 54}{space 4}-2342.421{col 67}{space 3}-2247.814
{txt}{space 7}y2013 {c |}{col 14}{res}{space 2}-2460.111{col 26}{space 2} 24.76362{col 37}{space 1}  -99.34{col 46}{space 3}0.000{col 54}{space 4}-2509.053{col 67}{space 3} -2411.17
{txt}{space 7}y2014 {c |}{col 14}{res}{space 2}-2423.721{col 26}{space 2} 66.32747{col 37}{space 1}  -36.54{col 46}{space 3}0.000{col 54}{space 4}-2554.807{col 67}{space 3}-2292.635
{txt}{space 7}y2015 {c |}{col 14}{res}{space 2}-2633.886{col 26}{space 2} 28.48291{col 37}{space 1}  -92.47{col 46}{space 3}0.000{col 54}{space 4}-2690.178{col 67}{space 3}-2577.594
{txt}{space 7}y2016 {c |}{col 14}{res}{space 2}-2721.712{col 26}{space 2} 32.18218{col 37}{space 1}  -84.57{col 46}{space 3}0.000{col 54}{space 4}-2785.316{col 67}{space 3}-2658.109
{txt}{space 6}merger {c |}{col 14}{res}{space 2}-6.884418{col 26}{space 2} 62.41034{col 37}{space 1}   -0.11{col 46}{space 3}0.912{col 54}{space 4}-130.2288{col 67}{space 3}   116.46
{txt}{space 3}mergery09 {c |}{col 14}{res}{space 2} 87.92863{col 26}{space 2} 32.05903{col 37}{space 1}    2.74{col 46}{space 3}0.007{col 54}{space 4}  24.5689{col 67}{space 3} 151.2884
{txt}{space 3}mergery10 {c |}{col 14}{res}{space 2} 30.18866{col 26}{space 2} 36.21505{col 37}{space 1}    0.83{col 46}{space 3}0.406{col 54}{space 4} -41.3848{col 67}{space 3} 101.7621
{txt}{space 3}mergery11 {c |}{col 14}{res}{space 2} 27.88734{col 26}{space 2} 41.15124{col 37}{space 1}    0.68{col 46}{space 3}0.499{col 54}{space 4}-53.44175{col 67}{space 3} 109.2164
{txt}{space 3}mergery12 {c |}{col 14}{res}{space 2}-58.06084{col 26}{space 2} 47.71314{col 37}{space 1}   -1.22{col 46}{space 3}0.226{col 54}{space 4}-152.3585{col 67}{space 3} 36.23681
{txt}{space 3}mergery13 {c |}{col 14}{res}{space 2}-6.355382{col 26}{space 2}  58.5767{col 37}{space 1}   -0.11{col 46}{space 3}0.914{col 54}{space 4}-122.1232{col 67}{space 3} 109.4124
{txt}{space 3}mergery14 {c |}{col 14}{res}{space 2}-147.2109{col 26}{space 2} 90.50837{col 37}{space 1}   -1.63{col 46}{space 3}0.106{col 54}{space 4}-326.0867{col 67}{space 3} 31.66494
{txt}{space 3}mergery15 {c |}{col 14}{res}{space 2}-52.64052{col 26}{space 2} 64.35511{col 37}{space 1}   -0.82{col 46}{space 3}0.415{col 54}{space 4}-179.8285{col 67}{space 3} 74.54742
{txt}{space 3}mergery16 {c |}{col 14}{res}{space 2} -59.3656{col 26}{space 2} 75.37378{col 37}{space 1}   -0.79{col 46}{space 3}0.432{col 54}{space 4}-208.3302{col 67}{space 3} 89.59904
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-2664.072{col 26}{space 2} 18.67522{col 37}{space 1} -142.65{col 46}{space 3}0.000{col 54}{space 4}-2700.981{col 67}{space 3}-2627.163
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. est sto netexp1
{txt}
{com}. regress cotaxrate y2001-y2016 $did, cluster(coid)

{txt}Linear regression                               Number of obs     = {res}     2,958
                                                {txt}F(25, 146)        =  {res}   138.15
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.6829
                                                {txt}Root MSE          =    {res} .55207

{txt}{ralign 78:(Std. Err. adjusted for {res:147} clusters in coid)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   cotaxrate{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}y2001 {c |}{col 14}{res}{space 2} .0289376{col 26}{space 2} .0100216{col 37}{space 1}    2.89{col 46}{space 3}0.004{col 54}{space 4} .0091315{col 67}{space 3} .0487436
{txt}{space 7}y2002 {c |}{col 14}{res}{space 2} .1545933{col 26}{space 2}  .020667{col 37}{space 1}    7.48{col 46}{space 3}0.000{col 54}{space 4} .1137482{col 67}{space 3} .1954384
{txt}{space 7}y2003 {c |}{col 14}{res}{space 2} .2627925{col 26}{space 2} .0235582{col 37}{space 1}   11.16{col 46}{space 3}0.000{col 54}{space 4} .2162333{col 67}{space 3} .3093517
{txt}{space 7}y2004 {c |}{col 14}{res}{space 2} .3162811{col 26}{space 2} .0271357{col 37}{space 1}   11.66{col 46}{space 3}0.000{col 54}{space 4} .2626516{col 67}{space 3} .3699106
{txt}{space 7}y2005 {c |}{col 14}{res}{space 2} .4491005{col 26}{space 2} .0322396{col 37}{space 1}   13.93{col 46}{space 3}0.000{col 54}{space 4} .3853839{col 67}{space 3}  .512817
{txt}{space 7}y2006 {c |}{col 14}{res}{space 2} .6508937{col 26}{space 2} .0350046{col 37}{space 1}   18.59{col 46}{space 3}0.000{col 54}{space 4} .5817125{col 67}{space 3} .7200749
{txt}{space 7}y2007 {c |}{col 14}{res}{space 2} .7639369{col 26}{space 2} .0412889{col 37}{space 1}   18.50{col 46}{space 3}0.000{col 54}{space 4} .6823357{col 67}{space 3} .8455381
{txt}{space 7}y2008 {c |}{col 14}{res}{space 2} .9241521{col 26}{space 2} .0406341{col 37}{space 1}   22.74{col 46}{space 3}0.000{col 54}{space 4}  .843845{col 67}{space 3} 1.004459
{txt}{space 7}y2009 {c |}{col 14}{res}{space 2} 1.078623{col 26}{space 2} .0458489{col 37}{space 1}   23.53{col 46}{space 3}0.000{col 54}{space 4} .9880094{col 67}{space 3} 1.169236
{txt}{space 7}y2010 {c |}{col 14}{res}{space 2} 1.439152{col 26}{space 2} .0566349{col 37}{space 1}   25.41{col 46}{space 3}0.000{col 54}{space 4} 1.327222{col 67}{space 3} 1.551082
{txt}{space 7}y2011 {c |}{col 14}{res}{space 2} 1.501348{col 26}{space 2} .0561379{col 37}{space 1}   26.74{col 46}{space 3}0.000{col 54}{space 4} 1.390401{col 67}{space 3} 1.612296
{txt}{space 7}y2012 {c |}{col 14}{res}{space 2} 1.616737{col 26}{space 2} .0579067{col 37}{space 1}   27.92{col 46}{space 3}0.000{col 54}{space 4} 1.502293{col 67}{space 3}  1.73118
{txt}{space 7}y2013 {c |}{col 14}{res}{space 2} 1.851887{col 26}{space 2} .0586817{col 37}{space 1}   31.56{col 46}{space 3}0.000{col 54}{space 4} 1.735912{col 67}{space 3} 1.967862
{txt}{space 7}y2014 {c |}{col 14}{res}{space 2} 2.157085{col 26}{space 2} .0572952{col 37}{space 1}   37.65{col 46}{space 3}0.000{col 54}{space 4}  2.04385{col 67}{space 3} 2.270321
{txt}{space 7}y2015 {c |}{col 14}{res}{space 2} 2.301576{col 26}{space 2} .0592926{col 37}{space 1}   38.82{col 46}{space 3}0.000{col 54}{space 4} 2.184393{col 67}{space 3} 2.418758
{txt}{space 7}y2016 {c |}{col 14}{res}{space 2} 2.336377{col 26}{space 2} .0689281{col 37}{space 1}   33.90{col 46}{space 3}0.000{col 54}{space 4} 2.200151{col 67}{space 3} 2.472603
{txt}{space 6}merger {c |}{col 14}{res}{space 2}-.2291118{col 26}{space 2} .1308933{col 37}{space 1}   -1.75{col 46}{space 3}0.082{col 54}{space 4}-.4878022{col 67}{space 3} .0295786
{txt}{space 3}mergery09 {c |}{col 14}{res}{space 2}-.2355692{col 26}{space 2}   .08494{col 37}{space 1}   -2.77{col 46}{space 3}0.006{col 54}{space 4}-.4034399{col 67}{space 3}-.0676985
{txt}{space 3}mergery10 {c |}{col 14}{res}{space 2}-.0443739{col 26}{space 2} .1148084{col 37}{space 1}   -0.39{col 46}{space 3}0.700{col 54}{space 4}-.2712751{col 67}{space 3} .1825272
{txt}{space 3}mergery11 {c |}{col 14}{res}{space 2}-.0376052{col 26}{space 2} .1139866{col 37}{space 1}   -0.33{col 46}{space 3}0.742{col 54}{space 4}-.2628822{col 67}{space 3} .1876718
{txt}{space 3}mergery12 {c |}{col 14}{res}{space 2} .0883859{col 26}{space 2}  .124257{col 37}{space 1}    0.71{col 46}{space 3}0.478{col 54}{space 4}-.1571888{col 67}{space 3} .3339606
{txt}{space 3}mergery13 {c |}{col 14}{res}{space 2} .1463391{col 26}{space 2} .1189854{col 37}{space 1}    1.23{col 46}{space 3}0.221{col 54}{space 4}-.0888172{col 67}{space 3} .3814953
{txt}{space 3}mergery14 {c |}{col 14}{res}{space 2}  .272175{col 26}{space 2} .1290775{col 37}{space 1}    2.11{col 46}{space 3}0.037{col 54}{space 4} .0170732{col 67}{space 3} .5272768
{txt}{space 3}mergery15 {c |}{col 14}{res}{space 2} .3000988{col 26}{space 2} .1392016{col 37}{space 1}    2.16{col 46}{space 3}0.033{col 54}{space 4} .0249883{col 67}{space 3} .5752093
{txt}{space 3}mergery16 {c |}{col 14}{res}{space 2} .3946077{col 26}{space 2} .1420415{col 37}{space 1}    2.78{col 46}{space 3}0.006{col 54}{space 4} .1138846{col 67}{space 3} .6753309
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 18.25675{col 26}{space 2} .0464816{col 37}{space 1}  392.77{col 46}{space 3}0.000{col 54}{space 4} 18.16488{col 67}{space 3} 18.34861
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. est sto tax1
{txt}
{com}. regress colhprice y2001-y2016 $did, cluster(coid)

{txt}Linear regression                               Number of obs     = {res}     2,802
                                                {txt}F(25, 141)        =  {res}   160.24
                                                {txt}Prob > F          = {res}    0.0000
                                                {txt}R-squared         = {res}    0.2980
                                                {txt}Root MSE          =    {res} .24792

{txt}{ralign 78:(Std. Err. adjusted for {res:142} clusters in coid)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   colhprice{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 7}y2001 {c |}{col 14}{res}{space 2}  .013614{col 26}{space 2} .0057436{col 37}{space 1}    2.37{col 46}{space 3}0.019{col 54}{space 4} .0022592{col 67}{space 3} .0249687
{txt}{space 7}y2002 {c |}{col 14}{res}{space 2} .0443841{col 26}{space 2} .0073016{col 37}{space 1}    6.08{col 46}{space 3}0.000{col 54}{space 4} .0299494{col 67}{space 3} .0588189
{txt}{space 7}y2003 {c |}{col 14}{res}{space 2} .0880113{col 26}{space 2} .0073165{col 37}{space 1}   12.03{col 46}{space 3}0.000{col 54}{space 4} .0735471{col 67}{space 3} .1024755
{txt}{space 7}y2004 {c |}{col 14}{res}{space 2} .1433719{col 26}{space 2} .0093234{col 37}{space 1}   15.38{col 46}{space 3}0.000{col 54}{space 4} .1249402{col 67}{space 3} .1618035
{txt}{space 7}y2005 {c |}{col 14}{res}{space 2} .2057139{col 26}{space 2}  .009808{col 37}{space 1}   20.97{col 46}{space 3}0.000{col 54}{space 4} .1863242{col 67}{space 3} .2251037
{txt}{space 7}y2006 {c |}{col 14}{res}{space 2} .2538279{col 26}{space 2} .0106403{col 37}{space 1}   23.86{col 46}{space 3}0.000{col 54}{space 4} .2327927{col 67}{space 3}  .274863
{txt}{space 7}y2007 {c |}{col 14}{res}{space 2} .3089678{col 26}{space 2} .0108083{col 37}{space 1}   28.59{col 46}{space 3}0.000{col 54}{space 4} .2876005{col 67}{space 3} .3303351
{txt}{space 7}y2008 {c |}{col 14}{res}{space 2} .3446607{col 26}{space 2}  .010094{col 37}{space 1}   34.15{col 46}{space 3}0.000{col 54}{space 4} .3247055{col 67}{space 3} .3646159
{txt}{space 7}y2009 {c |}{col 14}{res}{space 2} .3537247{col 26}{space 2} .0127498{col 37}{space 1}   27.74{col 46}{space 3}0.000{col 54}{space 4} .3285192{col 67}{space 3} .3789302
{txt}{space 7}y2010 {c |}{col 14}{res}{space 2} .3899035{col 26}{space 2} .0115133{col 37}{space 1}   33.87{col 46}{space 3}0.000{col 54}{space 4} .3671425{col 67}{space 3} .4126645
{txt}{space 7}y2011 {c |}{col 14}{res}{space 2} .4096618{col 26}{space 2} .0141855{col 37}{space 1}   28.88{col 46}{space 3}0.000{col 54}{space 4} .3816181{col 67}{space 3} .4377055
{txt}{space 7}y2012 {c |}{col 14}{res}{space 2} .4218461{col 26}{space 2} .0136118{col 37}{space 1}   30.99{col 46}{space 3}0.000{col 54}{space 4} .3949364{col 67}{space 3} .4487558
{txt}{space 7}y2013 {c |}{col 14}{res}{space 2} .4456112{col 26}{space 2} .0128878{col 37}{space 1}   34.58{col 46}{space 3}0.000{col 54}{space 4}  .420133{col 67}{space 3} .4710895
{txt}{space 7}y2014 {c |}{col 14}{res}{space 2} .4359479{col 26}{space 2} .0144952{col 37}{space 1}   30.08{col 46}{space 3}0.000{col 54}{space 4} .4072919{col 67}{space 3} .4646039
{txt}{space 7}y2015 {c |}{col 14}{res}{space 2} .4155487{col 26}{space 2} .0126662{col 37}{space 1}   32.81{col 46}{space 3}0.000{col 54}{space 4} .3905085{col 67}{space 3}  .440589
{txt}{space 7}y2016 {c |}{col 14}{res}{space 2} .3912549{col 26}{space 2} .0170297{col 37}{space 1}   22.97{col 46}{space 3}0.000{col 54}{space 4} .3575883{col 67}{space 3} .4249214
{txt}{space 6}merger {c |}{col 14}{res}{space 2} .0841659{col 26}{space 2} .0448706{col 37}{space 1}    1.88{col 46}{space 3}0.063{col 54}{space 4}-.0045402{col 67}{space 3} .1728721
{txt}{space 3}mergery09 {c |}{col 14}{res}{space 2} .0289458{col 26}{space 2} .0170331{col 37}{space 1}    1.70{col 46}{space 3}0.091{col 54}{space 4}-.0047275{col 67}{space 3} .0626191
{txt}{space 3}mergery10 {c |}{col 14}{res}{space 2} .0288862{col 26}{space 2} .0183338{col 37}{space 1}    1.58{col 46}{space 3}0.117{col 54}{space 4}-.0073584{col 67}{space 3} .0651308
{txt}{space 3}mergery11 {c |}{col 14}{res}{space 2} .0327152{col 26}{space 2} .0208706{col 37}{space 1}    1.57{col 46}{space 3}0.119{col 54}{space 4}-.0085446{col 67}{space 3} .0739749
{txt}{space 3}mergery12 {c |}{col 14}{res}{space 2}  .043741{col 26}{space 2} .0212777{col 37}{space 1}    2.06{col 46}{space 3}0.042{col 54}{space 4} .0016764{col 67}{space 3} .0858056
{txt}{space 3}mergery13 {c |}{col 14}{res}{space 2} .0272794{col 26}{space 2} .0256275{col 37}{space 1}    1.06{col 46}{space 3}0.289{col 54}{space 4}-.0233844{col 67}{space 3} .0779433
{txt}{space 3}mergery14 {c |}{col 14}{res}{space 2} .0330417{col 26}{space 2} .0249547{col 37}{space 1}    1.32{col 46}{space 3}0.188{col 54}{space 4} -.016292{col 67}{space 3} .0823754
{txt}{space 3}mergery15 {c |}{col 14}{res}{space 2} .0208031{col 26}{space 2} .0297051{col 37}{space 1}    0.70{col 46}{space 3}0.485{col 54}{space 4}-.0379219{col 67}{space 3} .0795282
{txt}{space 3}mergery16 {c |}{col 14}{res}{space 2} .0540716{col 26}{space 2} .0328745{col 37}{space 1}    1.64{col 46}{space 3}0.102{col 54}{space 4} -.010919{col 67}{space 3} .1190622
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 6.738975{col 26}{space 2} .0180452{col 37}{space 1}  373.45{col 46}{space 3}0.000{col 54}{space 4}   6.7033{col 67}{space 3} 6.774649
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. est sto price1
{txt}
{com}. esttab exp1 netexp1 tax1 price1, $tab keep(_cons $did)
{res}
{txt}{hline 72}
{txt}                      (1)            (2)            (3)            (4)  
{txt}                     exp1        netexp1           tax1         price1  
{txt}{hline 72}
{txt}_cons       {res}     3313.098**    -2664.072**       18.257**        6.739**{txt}
            {res} {ralign 12:{txt:[}31.319{txt:]}}   {ralign 12:{txt:[}18.675{txt:]}}   {ralign 12:{txt:[}0.046{txt:]}}   {ralign 12:{txt:[}0.018{txt:]}}  {txt}
{txt}merger      {res}       86.178         -6.884         -0.229          0.084  {txt}
            {res} {ralign 12:{txt:[}86.797{txt:]}}   {ralign 12:{txt:[}62.410{txt:]}}   {ralign 12:{txt:[}0.131{txt:]}}   {ralign 12:{txt:[}0.045{txt:]}}  {txt}
{txt}mergery09   {res}      132.742         87.929**       -0.236**        0.029  {txt}
            {res} {ralign 12:{txt:[}99.406{txt:]}}   {ralign 12:{txt:[}32.059{txt:]}}   {ralign 12:{txt:[}0.085{txt:]}}   {ralign 12:{txt:[}0.017{txt:]}}  {txt}
{txt}mergery10   {res}      174.811         30.189         -0.044          0.029  {txt}
            {res} {ralign 12:{txt:[}117.480{txt:]}}   {ralign 12:{txt:[}36.215{txt:]}}   {ralign 12:{txt:[}0.115{txt:]}}   {ralign 12:{txt:[}0.018{txt:]}}  {txt}
{txt}mergery11   {res}      152.454         27.887         -0.038          0.033  {txt}
            {res} {ralign 12:{txt:[}125.420{txt:]}}   {ralign 12:{txt:[}41.151{txt:]}}   {ralign 12:{txt:[}0.114{txt:]}}   {ralign 12:{txt:[}0.021{txt:]}}  {txt}
{txt}mergery12   {res}      162.138        -58.061          0.088          0.044* {txt}
            {res} {ralign 12:{txt:[}138.479{txt:]}}   {ralign 12:{txt:[}47.713{txt:]}}   {ralign 12:{txt:[}0.124{txt:]}}   {ralign 12:{txt:[}0.021{txt:]}}  {txt}
{txt}mergery13   {res}       38.090         -6.355          0.146          0.027  {txt}
            {res} {ralign 12:{txt:[}142.507{txt:]}}   {ralign 12:{txt:[}58.577{txt:]}}   {ralign 12:{txt:[}0.119{txt:]}}   {ralign 12:{txt:[}0.026{txt:]}}  {txt}
{txt}mergery14   {res}       89.244       -147.211          0.272*         0.033  {txt}
            {res} {ralign 12:{txt:[}142.301{txt:]}}   {ralign 12:{txt:[}90.508{txt:]}}   {ralign 12:{txt:[}0.129{txt:]}}   {ralign 12:{txt:[}0.025{txt:]}}  {txt}
{txt}mergery15   {res}       27.878        -52.641          0.300*         0.021  {txt}
            {res} {ralign 12:{txt:[}145.318{txt:]}}   {ralign 12:{txt:[}64.355{txt:]}}   {ralign 12:{txt:[}0.139{txt:]}}   {ralign 12:{txt:[}0.030{txt:]}}  {txt}
{txt}mergery16   {res}       37.689        -59.366          0.395**        0.054  {txt}
            {res} {ralign 12:{txt:[}154.181{txt:]}}   {ralign 12:{txt:[}75.374{txt:]}}   {ralign 12:{txt:[}0.142{txt:]}}   {ralign 12:{txt:[}0.033{txt:]}}  {txt}
{txt}{hline 72}
{txt}N           {res}         2958           2958           2958           2802  {txt}
{txt}R-sq        {res}        0.743          0.852          0.683          0.298  {txt}
{txt}{hline 72}
{txt}Standard errors in brackets
{txt}* p<0.05, ** p<0.01

{com}. 
. global tab "se(%9.2f) b(%9.2f) r2(%9.2f) nogaps star(* 0.05 ** 0.01) mtitles brackets order(_cons)"
{txt}
{com}. esttab exp1 netexp1, $tab keep(_cons $did)
{res}
{txt}{hline 42}
{txt}                      (1)            (2)  
{txt}                     exp1        netexp1  
{txt}{hline 42}
{txt}_cons       {res}      3313.10**     -2664.07**{txt}
            {res} {ralign 12:{txt:[}31.32{txt:]}}   {ralign 12:{txt:[}18.68{txt:]}}  {txt}
{txt}merger      {res}        86.18          -6.88  {txt}
            {res} {ralign 12:{txt:[}86.80{txt:]}}   {ralign 12:{txt:[}62.41{txt:]}}  {txt}
{txt}mergery09   {res}       132.74          87.93**{txt}
            {res} {ralign 12:{txt:[}99.41{txt:]}}   {ralign 12:{txt:[}32.06{txt:]}}  {txt}
{txt}mergery10   {res}       174.81          30.19  {txt}
            {res} {ralign 12:{txt:[}117.48{txt:]}}   {ralign 12:{txt:[}36.22{txt:]}}  {txt}
{txt}mergery11   {res}       152.45          27.89  {txt}
            {res} {ralign 12:{txt:[}125.42{txt:]}}   {ralign 12:{txt:[}41.15{txt:]}}  {txt}
{txt}mergery12   {res}       162.14         -58.06  {txt}
            {res} {ralign 12:{txt:[}138.48{txt:]}}   {ralign 12:{txt:[}47.71{txt:]}}  {txt}
{txt}mergery13   {res}        38.09          -6.36  {txt}
            {res} {ralign 12:{txt:[}142.51{txt:]}}   {ralign 12:{txt:[}58.58{txt:]}}  {txt}
{txt}mergery14   {res}        89.24        -147.21  {txt}
            {res} {ralign 12:{txt:[}142.30{txt:]}}   {ralign 12:{txt:[}90.51{txt:]}}  {txt}
{txt}mergery15   {res}        27.88         -52.64  {txt}
            {res} {ralign 12:{txt:[}145.32{txt:]}}   {ralign 12:{txt:[}64.36{txt:]}}  {txt}
{txt}mergery16   {res}        37.69         -59.37  {txt}
            {res} {ralign 12:{txt:[}154.18{txt:]}}   {ralign 12:{txt:[}75.37{txt:]}}  {txt}
{txt}{hline 42}
{txt}N           {res}         2958           2958  {txt}
{txt}R-sq        {res}         0.74           0.85  {txt}
{txt}{hline 42}
{txt}Standard errors in brackets
{txt}* p<0.05, ** p<0.01

{com}. global tab "se(%9.3f) b(%9.3f) r2(%9.2f) nogaps star(* 0.05 ** 0.01) mtitles brackets order(_cons)"
{txt}
{com}. esttab tax1 price1, $tab keep(_cons $did)
{res}
{txt}{hline 42}
{txt}                      (1)            (2)  
{txt}                     tax1         price1  
{txt}{hline 42}
{txt}_cons       {res}       18.257**        6.739**{txt}
            {res} {ralign 12:{txt:[}0.046{txt:]}}   {ralign 12:{txt:[}0.018{txt:]}}  {txt}
{txt}merger      {res}       -0.229          0.084  {txt}
            {res} {ralign 12:{txt:[}0.131{txt:]}}   {ralign 12:{txt:[}0.045{txt:]}}  {txt}
{txt}mergery09   {res}       -0.236**        0.029  {txt}
            {res} {ralign 12:{txt:[}0.085{txt:]}}   {ralign 12:{txt:[}0.017{txt:]}}  {txt}
{txt}mergery10   {res}       -0.044          0.029  {txt}
            {res} {ralign 12:{txt:[}0.115{txt:]}}   {ralign 12:{txt:[}0.018{txt:]}}  {txt}
{txt}mergery11   {res}       -0.038          0.033  {txt}
            {res} {ralign 12:{txt:[}0.114{txt:]}}   {ralign 12:{txt:[}0.021{txt:]}}  {txt}
{txt}mergery12   {res}        0.088          0.044* {txt}
            {res} {ralign 12:{txt:[}0.124{txt:]}}   {ralign 12:{txt:[}0.021{txt:]}}  {txt}
{txt}mergery13   {res}        0.146          0.027  {txt}
            {res} {ralign 12:{txt:[}0.119{txt:]}}   {ralign 12:{txt:[}0.026{txt:]}}  {txt}
{txt}mergery14   {res}        0.272*         0.033  {txt}
            {res} {ralign 12:{txt:[}0.129{txt:]}}   {ralign 12:{txt:[}0.025{txt:]}}  {txt}
{txt}mergery15   {res}        0.300*         0.021  {txt}
            {res} {ralign 12:{txt:[}0.139{txt:]}}   {ralign 12:{txt:[}0.030{txt:]}}  {txt}
{txt}mergery16   {res}        0.395**        0.054  {txt}
            {res} {ralign 12:{txt:[}0.142{txt:]}}   {ralign 12:{txt:[}0.033{txt:]}}  {txt}
{txt}{hline 42}
{txt}N           {res}         2958           2802  {txt}
{txt}R-sq        {res}         0.68           0.30  {txt}
{txt}{hline 42}
{txt}Standard errors in brackets
{txt}* p<0.05, ** p<0.01

{com}. 
. *Figure 3
. *Left panel
. use "$data\municipality_level_data_PSRM.dta", clear
{txt}
{com}. 
. by year treatgroup, sort: egen meangovg=mean(gov_jobspc)
{txt}(3864 missing values generated)

{com}. by year treatgroup, sort: egen meanschoolg=mean(school_jobspc)
{txt}(3864 missing values generated)

{com}. by year treatgroup, sort: egen meanhealthg=mean(health_jobspc)
{txt}(3864 missing values generated)

{com}. 
. global cond0 "if treatgroup==0"
{txt}
{com}. global cond1 "if treatgroup==1"
{txt}
{com}. global cond2 "if treatgroup==2"
{txt}
{com}. global cond3 "if treatgroup==3"
{txt}
{com}. 
. gen meangovg0=meangovg
{txt}(3,864 missing values generated)

{com}. gen meangovg1=meangovg
{txt}(3,864 missing values generated)

{com}. gen meangovg2=meangovg
{txt}(3,864 missing values generated)

{com}. gen meangovg3=meangovg
{txt}(3,864 missing values generated)

{com}. 
. gen meanschoolg0=meanschoolg
{txt}(3,864 missing values generated)

{com}. gen meanschoolg1=meanschoolg
{txt}(3,864 missing values generated)

{com}. gen meanschoolg2=meanschoolg
{txt}(3,864 missing values generated)

{com}. gen meanschoolg3=meanschoolg
{txt}(3,864 missing values generated)

{com}. 
. gen meanhealthg0=meanhealthg
{txt}(3,864 missing values generated)

{com}. gen meanhealthg1=meanhealthg
{txt}(3,864 missing values generated)

{com}. gen meanhealthg2=meanhealthg
{txt}(3,864 missing values generated)

{com}. gen meanhealthg3=meanhealthg
{txt}(3,864 missing values generated)

{com}. 
. la var meangovg0 "No merger"
{txt}
{com}. la var meangovg1 "Strong"
{txt}
{com}. la var meangovg2 "Medium"
{txt}
{com}. la var meangovg3 "Weak"
{txt}
{com}. 
. la var meanschoolg0 "No merger"
{txt}
{com}. la var meanschoolg1 "Strong"
{txt}
{com}. la var meanschoolg2 "Medium"
{txt}
{com}. la var meanschoolg3 "Weak"
{txt}
{com}. 
. la var meanhealthg0 "No merger"
{txt}
{com}. la var meanhealthg1 "Strong"
{txt}
{com}. la var meanhealthg2 "Medium"
{txt}
{com}. la var meanhealthg3 "Weak"
{txt}
{com}. 
. global figspecgov "xline(2008.5, lcolor(blue)) xline(2013.5) connect(l) lpattern(dash) mcolor(black) lcolor(black) msize(large) xlabel(2000(1)2015, angle(45)) ylabel(0(0.01)0.03) ytitle(Administration and defence) xtitle("") legend(size(small))"
{txt}
{com}. global figspecschool "xline(2008.5, lcolor(blue)) xline(2013.5) connect(l) lpattern(dash) mcolor(black) lcolor(black) msize(large) xlabel(2000(1)2015, angle(45)) ylabel(0(0.01)0.05) ytitle(Schooling) xtitle("") legend(size(small))"
{txt}
{com}. global figspechealth "xline(2008.5, lcolor(blue)) xline(2013.5) connect(l) lpattern(dash) mcolor(black) lcolor(black) msize(large) xlabel(2000(1)2015, angle(45)) ylabel(0(0.02)0.1) ytitle(Health and social care) xtitle("") legend(size(small))"
{txt}
{com}. 
. twoway (scatter meangovg0 year $cond0, $figspecgov msymbol(x)) ///
> (scatter meangovg1 year $cond1, $figspecgov msymbol(o)) ///
> (scatter meangovg2 year $cond2, $figspecgov msymbol(oh)) ///
> (scatter meangovg3 year $cond3, $figspecgov msymbol(d) graphregion(color(white))) 
{res}{txt}
{com}. graph save Graph "$data\govgL.gph", replace
{res}{txt}(file h:\govgL.gph saved)

{com}. 
. twoway (scatter meanhealthg0 year $cond0, $figspechealth msymbol(x)) ///
> (scatter meanhealthg1 year $cond1, $figspechealth msymbol(o)) ///
> (scatter meanhealthg2 year $cond2, $figspechealth msymbol(oh)) ///
> (scatter meanhealthg3 year $cond3, $figspechealth msymbol(d) graphregion(color(white))) 
{res}{txt}
{com}. graph save Graph "$data\healthgL.gph", replace
{res}{txt}(file h:\healthgL.gph saved)

{com}. 
. twoway (scatter meanschoolg0 year $cond0, $figspecschool msymbol(x)) ///
> (scatter meanschoolg1 year $cond1, $figspecschool msymbol(o)) ///
> (scatter meanschoolg2 year $cond2, $figspecschool msymbol(oh)) ///
> (scatter meanschoolg3 year $cond3, $figspecschool msymbol(d) graphregion(color(white))) 
{res}{txt}
{com}. graph save Graph "$data\schoolgL.gph", replace
{res}{txt}(file h:\schoolgL.gph saved)

{com}. 
. *Right panel
. use "$data\municipality_level_data_PSRM.dta", clear
{txt}
{com}. 
. by year treatgpop, sort: egen meangovg=mean(gov_jobspc)
{txt}(3864 missing values generated)

{com}. by year treatgpop, sort: egen meanschoolg=mean(school_jobspc)
{txt}(3864 missing values generated)

{com}. by year treatgpop, sort: egen meanhealthg=mean(health_jobspc)
{txt}(3864 missing values generated)

{com}. 
. gen meangovg1=meangovg
{txt}(3,864 missing values generated)

{com}. gen meangovg2=meangovg
{txt}(3,864 missing values generated)

{com}. gen meangovg3=meangovg
{txt}(3,864 missing values generated)

{com}. 
. gen meanschoolg1=meanschoolg
{txt}(3,864 missing values generated)

{com}. gen meanschoolg2=meanschoolg
{txt}(3,864 missing values generated)

{com}. gen meanschoolg3=meanschoolg
{txt}(3,864 missing values generated)

{com}. 
. gen meanhealthg1=meanhealthg
{txt}(3,864 missing values generated)

{com}. gen meanhealthg2=meanhealthg
{txt}(3,864 missing values generated)

{com}. gen meanhealthg3=meanhealthg
{txt}(3,864 missing values generated)

{com}. 
. global condpop1 "if treatgpop==1"
{txt}
{com}. global condpop2 "if treatgpop==2"
{txt}
{com}. global condpop3 "if treatgpop==3"
{txt}
{com}. 
. la var meangovg1 "Strong"
{txt}
{com}. la var meangovg2 "Medium"
{txt}
{com}. la var meangovg3 "Weak"
{txt}
{com}. 
. la var meanschoolg1 "Strong"
{txt}
{com}. la var meanschoolg2 "Medium"
{txt}
{com}. la var meanschoolg3 "Weak"
{txt}
{com}. 
. la var meanhealthg1 "Strong"
{txt}
{com}. la var meanhealthg2 "Medium"
{txt}
{com}. la var meanhealthg3 "Weak"
{txt}
{com}. 
. global figspecgov "xline(2008.5, lcolor(blue)) xline(2013.5) connect(l) lpattern(dash) mcolor(black) lcolor(black) msize(large) xlabel(2000(1)2015, angle(45)) ylabel(0(0.01)0.03) ytitle(Administration and defence) xtitle("") legend(size(small))"
{txt}
{com}. global figspecschool "xline(2008.5, lcolor(blue)) xline(2013.5) connect(l) lpattern(dash) mcolor(black) lcolor(black) msize(large) xlabel(2000(1)2015, angle(45)) ylabel(0(0.01)0.05) ytitle(Schooling) xtitle("") legend(size(small))"
{txt}
{com}. global figspechealth "xline(2008.5, lcolor(blue)) xline(2013.5) connect(l) lpattern(dash) mcolor(black) lcolor(black) msize(large) xlabel(2000(1)2015, angle(45)) ylabel(0(0.02)0.1) ytitle(Health and social care) xtitle("") legend(size(small))"
{txt}
{com}. 
. twoway (scatter meangovg1 year $condpop1, $figspecgov msymbol(o)) ///
> (scatter meangovg2 year $condpop2, $figspecgov msymbol(oh)) ///
> (scatter meangovg3 year $condpop3, $figspecgov msymbol(d) graphregion(color(white))) 
{res}{txt}
{com}. graph save Graph "$data\govgR.gph", replace
{res}{txt}(file h:\govgR.gph saved)

{com}. 
. twoway (scatter meanhealthg1 year $condpop1, $figspechealth msymbol(o)) ///
> (scatter meanhealthg2 year $condpop2, $figspechealth msymbol(oh)) ///
> (scatter meanhealthg3 year $condpop3, $figspechealth msymbol(d) graphregion(color(white))) 
{res}{txt}
{com}. graph save Graph "$data\healthgR.gph", replace
{res}{txt}(file h:\healthgR.gph saved)

{com}. 
. twoway (scatter meanschoolg1 year $condpop1, $figspecschool msymbol(o)) ///
> (scatter meanschoolg2 year $condpop2, $figspecschool msymbol(oh)) ///
> (scatter meanschoolg3 year $condpop3, $figspecschool msymbol(d) graphregion(color(white))) 
{res}{txt}
{com}. graph save Graph "$data\schoolgR.gph", replace
{res}{txt}(file h:\schoolgR.gph saved)

{com}. 
. *Table 4
. use "$data\municipality_level_data_PSRM.dta", clear
{txt}
{com}. 
. global tab "se(%9.3f) b(%9.3f) r2(%9.3f) nogaps star(* 0.05 ** 0.01) mtitles brackets order(_cons)"
{txt}
{com}. global did "merger seatsha08 mer2009 mer2010 mer2012 mer2014 mer2015 merseat2009 merseat2010 merseat2012 merseat2014 merseat2015" 
{txt}
{com}. 
. est clear
{txt}
{com}. xi: ivreg2 gov_jobspc i.year $did, cluster(coid kuntaid)
{txt}i.year{col 19}_Iyear_2000-2015{col 39}(naturally coded; _Iyear_2000 omitted)
Warning - collinearities detected
Vars dropped:{col 21}_Iyear_2001 _Iyear_2002 _Iyear_2004 _Iyear_2006 _Iyear_2008
{col 21}_Iyear_2011 _Iyear_2013
{res}
{txt}OLS estimation
{hline 14}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on coid and kuntaid

Number of clusters (coid) = {col 33}{res}   147{txt}{col 55}Number of obs = {res}    4968
{txt}Number of clusters (kuntaid) = {col 33}{res}   234{txt}{col 55}F( 20,   146) = {res}    6.92
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} .7529474915{txt}{col 55}Centered R2   = {res}  0.0354
{txt}Total (uncentered) SS   = {res} 1.393344948{txt}{col 55}Uncentered R2 = {res}  0.4787
{txt}Residual SS             = {res} .7263159798{txt}{col 55}Root MSE      = {res}  .01209

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}  gov_jobspc{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}  -.00021{col 26}{space 2} .0001924{col 37}{space 1}   -1.09{col 46}{space 3}0.275{col 54}{space 4} -.000587{col 67}{space 3}  .000167
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.0001213{col 26}{space 2} .0002957{col 37}{space 1}   -0.41{col 46}{space 3}0.682{col 54}{space 4}-.0007008{col 67}{space 3} .0004582
{txt}{space 1}_Iyear_2007 {c |}{col 14}{res}{space 2} .0018403{col 26}{space 2} .0010786{col 37}{space 1}    1.71{col 46}{space 3}0.088{col 54}{space 4}-.0002737{col 67}{space 3} .0039542
{txt}{space 1}_Iyear_2009 {c |}{col 14}{res}{space 2} .0011827{col 26}{space 2} .0010209{col 37}{space 1}    1.16{col 46}{space 3}0.247{col 54}{space 4}-.0008182{col 67}{space 3} .0031837
{txt}{space 1}_Iyear_2010 {c |}{col 14}{res}{space 2} .0011064{col 26}{space 2} .0010394{col 37}{space 1}    1.06{col 46}{space 3}0.287{col 54}{space 4}-.0009307{col 67}{space 3} .0031436
{txt}{space 1}_Iyear_2012 {c |}{col 14}{res}{space 2} .0012581{col 26}{space 2} .0011293{col 37}{space 1}    1.11{col 46}{space 3}0.265{col 54}{space 4}-.0009552{col 67}{space 3} .0034714
{txt}{space 1}_Iyear_2014 {c |}{col 14}{res}{space 2} .0008504{col 26}{space 2} .0010983{col 37}{space 1}    0.77{col 46}{space 3}0.439{col 54}{space 4}-.0013023{col 67}{space 3} .0030031
{txt}{space 1}_Iyear_2015 {c |}{col 14}{res}{space 2} .0007499{col 26}{space 2} .0010666{col 37}{space 1}    0.70{col 46}{space 3}0.482{col 54}{space 4}-.0013407{col 67}{space 3} .0028404
{txt}{space 6}merger {c |}{col 14}{res}{space 2} .0096554{col 26}{space 2} .0024351{col 37}{space 1}    3.97{col 46}{space 3}0.000{col 54}{space 4} .0048826{col 67}{space 3} .0144282
{txt}{space 3}seatsha08 {c |}{col 14}{res}{space 2} .0110965{col 26}{space 2} .0029124{col 37}{space 1}    3.81{col 46}{space 3}0.000{col 54}{space 4} .0053883{col 67}{space 3} .0168047
{txt}{space 5}mer2009 {c |}{col 14}{res}{space 2}-.0075719{col 26}{space 2} .0014029{col 37}{space 1}   -5.40{col 46}{space 3}0.000{col 54}{space 4}-.0103215{col 67}{space 3}-.0048222
{txt}{space 5}mer2010 {c |}{col 14}{res}{space 2}-.0063917{col 26}{space 2} .0014227{col 37}{space 1}   -4.49{col 46}{space 3}0.000{col 54}{space 4}-.0091802{col 67}{space 3}-.0036032
{txt}{space 5}mer2012 {c |}{col 14}{res}{space 2}-.0067097{col 26}{space 2} .0014785{col 37}{space 1}   -4.54{col 46}{space 3}0.000{col 54}{space 4}-.0096076{col 67}{space 3}-.0038118
{txt}{space 5}mer2014 {c |}{col 14}{res}{space 2}-.0068467{col 26}{space 2} .0015484{col 37}{space 1}   -4.42{col 46}{space 3}0.000{col 54}{space 4}-.0098815{col 67}{space 3}-.0038119
{txt}{space 5}mer2015 {c |}{col 14}{res}{space 2}-.0064601{col 26}{space 2} .0015969{col 37}{space 1}   -4.05{col 46}{space 3}0.000{col 54}{space 4}  -.00959{col 67}{space 3}-.0033303
{txt}{space 1}merseat2009 {c |}{col 14}{res}{space 2} .0131831{col 26}{space 2} .0021094{col 37}{space 1}    6.25{col 46}{space 3}0.000{col 54}{space 4} .0090489{col 67}{space 3} .0173174
{txt}{space 1}merseat2010 {c |}{col 14}{res}{space 2} .0116157{col 26}{space 2} .0024984{col 37}{space 1}    4.65{col 46}{space 3}0.000{col 54}{space 4} .0067188{col 67}{space 3} .0165125
{txt}{space 1}merseat2012 {c |}{col 14}{res}{space 2} .0136793{col 26}{space 2}  .002104{col 37}{space 1}    6.50{col 46}{space 3}0.000{col 54}{space 4} .0095554{col 67}{space 3} .0178032
{txt}{space 1}merseat2014 {c |}{col 14}{res}{space 2} .0135453{col 26}{space 2} .0020383{col 37}{space 1}    6.65{col 46}{space 3}0.000{col 54}{space 4} .0095503{col 67}{space 3} .0175403
{txt}{space 1}merseat2015 {c |}{col 14}{res}{space 2} .0122196{col 26}{space 2} .0024973{col 37}{space 1}    4.89{col 46}{space 3}0.000{col 54}{space 4} .0073249{col 67}{space 3} .0171143
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} -.000571{col 26}{space 2} .0029636{col 37}{space 1}   -0.19{col 46}{space 3}0.847{col 54}{space 4}-.0063795{col 67}{space 3} .0052375
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
Included instruments:{col 23}_Iyear_2003 _Iyear_2005 _Iyear_2007 _Iyear_2009
{col 23}_Iyear_2010 _Iyear_2012 _Iyear_2014 _Iyear_2015 merger
{col 23}seatsha08 mer2009 mer2010 mer2012 mer2014 mer2015
{col 23}merseat2009 merseat2010 merseat2012 merseat2014
{col 23}merseat2015
Dropped collinear:{col 23}_Iyear_2001 _Iyear_2002 _Iyear_2004 _Iyear_2006
{col 23}_Iyear_2008 _Iyear_2011 _Iyear_2013
{hline 78}

{com}. est sto govpc
{txt}
{com}. xi: ivreg2 school_jobspc i.year $did, cluster(coid kuntaid)
{txt}i.year{col 19}_Iyear_2000-2015{col 39}(naturally coded; _Iyear_2000 omitted)
Warning - collinearities detected
Vars dropped:{col 21}_Iyear_2001 _Iyear_2002 _Iyear_2004 _Iyear_2006 _Iyear_2008
{col 21}_Iyear_2011 _Iyear_2013
{res}
{txt}OLS estimation
{hline 14}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on coid and kuntaid

Number of clusters (coid) = {col 33}{res}   147{txt}{col 55}Number of obs = {res}    4968
{txt}Number of clusters (kuntaid) = {col 33}{res}   234{txt}{col 55}F( 20,   146) = {res}    9.35
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} .5558473411{txt}{col 55}Centered R2   = {res}  0.0768
{txt}Total (uncentered) SS   = {res} 2.997894828{txt}{col 55}Uncentered R2 = {res}  0.8288
{txt}Residual SS             = {res} .5131762821{txt}{col 55}Root MSE      = {res}  .01016

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}school_job~c{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} .0007702{col 26}{space 2} .0003899{col 37}{space 1}    1.98{col 46}{space 3}0.048{col 54}{space 4} 6.08e-06{col 67}{space 3} .0015343
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} .0012973{col 26}{space 2} .0004131{col 37}{space 1}    3.14{col 46}{space 3}0.002{col 54}{space 4} .0004876{col 67}{space 3} .0021069
{txt}{space 1}_Iyear_2007 {c |}{col 14}{res}{space 2} .0019645{col 26}{space 2} .0005061{col 37}{space 1}    3.88{col 46}{space 3}0.000{col 54}{space 4} .0009727{col 67}{space 3} .0029564
{txt}{space 1}_Iyear_2009 {c |}{col 14}{res}{space 2} .0021377{col 26}{space 2} .0007605{col 37}{space 1}    2.81{col 46}{space 3}0.005{col 54}{space 4} .0006472{col 67}{space 3} .0036283
{txt}{space 1}_Iyear_2010 {c |}{col 14}{res}{space 2} .0020368{col 26}{space 2} .0006906{col 37}{space 1}    2.95{col 46}{space 3}0.003{col 54}{space 4} .0006832{col 67}{space 3} .0033905
{txt}{space 1}_Iyear_2012 {c |}{col 14}{res}{space 2} .0025304{col 26}{space 2} .0008317{col 37}{space 1}    3.04{col 46}{space 3}0.002{col 54}{space 4} .0009003{col 67}{space 3} .0041605
{txt}{space 1}_Iyear_2014 {c |}{col 14}{res}{space 2} .0018778{col 26}{space 2} .0008197{col 37}{space 1}    2.29{col 46}{space 3}0.022{col 54}{space 4} .0002712{col 67}{space 3} .0034843
{txt}{space 1}_Iyear_2015 {c |}{col 14}{res}{space 2} .0013387{col 26}{space 2} .0008004{col 37}{space 1}    1.67{col 46}{space 3}0.094{col 54}{space 4}-.0002301{col 67}{space 3} .0029075
{txt}{space 6}merger {c |}{col 14}{res}{space 2} .0129781{col 26}{space 2} .0032298{col 37}{space 1}    4.02{col 46}{space 3}0.000{col 54}{space 4} .0066479{col 67}{space 3} .0193083
{txt}{space 3}seatsha08 {c |}{col 14}{res}{space 2} .0219237{col 26}{space 2} .0036535{col 37}{space 1}    6.00{col 46}{space 3}0.000{col 54}{space 4} .0147631{col 67}{space 3} .0290844
{txt}{space 5}mer2009 {c |}{col 14}{res}{space 2}-.0057609{col 26}{space 2} .0012676{col 37}{space 1}   -4.54{col 46}{space 3}0.000{col 54}{space 4}-.0082453{col 67}{space 3}-.0032764
{txt}{space 5}mer2010 {c |}{col 14}{res}{space 2}-.0008345{col 26}{space 2}   .00147{col 37}{space 1}   -0.57{col 46}{space 3}0.570{col 54}{space 4}-.0037155{col 67}{space 3} .0020466
{txt}{space 5}mer2012 {c |}{col 14}{res}{space 2}-.0015045{col 26}{space 2} .0013802{col 37}{space 1}   -1.09{col 46}{space 3}0.276{col 54}{space 4}-.0042096{col 67}{space 3} .0012006
{txt}{space 5}mer2014 {c |}{col 14}{res}{space 2}-.0009046{col 26}{space 2} .0013009{col 37}{space 1}   -0.70{col 46}{space 3}0.487{col 54}{space 4}-.0034543{col 67}{space 3}  .001645
{txt}{space 5}mer2015 {c |}{col 14}{res}{space 2}-.0001597{col 26}{space 2} .0013765{col 37}{space 1}   -0.12{col 46}{space 3}0.908{col 54}{space 4}-.0028576{col 67}{space 3} .0025383
{txt}{space 1}merseat2009 {c |}{col 14}{res}{space 2} .0073443{col 26}{space 2} .0018068{col 37}{space 1}    4.06{col 46}{space 3}0.000{col 54}{space 4} .0038031{col 67}{space 3} .0108855
{txt}{space 1}merseat2010 {c |}{col 14}{res}{space 2}  .000827{col 26}{space 2} .0024461{col 37}{space 1}    0.34{col 46}{space 3}0.735{col 54}{space 4}-.0039673{col 67}{space 3} .0056213
{txt}{space 1}merseat2012 {c |}{col 14}{res}{space 2} .0035622{col 26}{space 2} .0019421{col 37}{space 1}    1.83{col 46}{space 3}0.067{col 54}{space 4}-.0002442{col 67}{space 3} .0073686
{txt}{space 1}merseat2014 {c |}{col 14}{res}{space 2} .0023411{col 26}{space 2} .0018103{col 37}{space 1}    1.29{col 46}{space 3}0.196{col 54}{space 4}-.0012069{col 67}{space 3} .0058892
{txt}{space 1}merseat2015 {c |}{col 14}{res}{space 2} .0007049{col 26}{space 2} .0019611{col 37}{space 1}    0.36{col 46}{space 3}0.719{col 54}{space 4}-.0031388{col 67}{space 3} .0045486
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-.0008805{col 26}{space 2} .0037872{col 37}{space 1}   -0.23{col 46}{space 3}0.816{col 54}{space 4}-.0083033{col 67}{space 3} .0065424
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
Included instruments:{col 23}_Iyear_2003 _Iyear_2005 _Iyear_2007 _Iyear_2009
{col 23}_Iyear_2010 _Iyear_2012 _Iyear_2014 _Iyear_2015 merger
{col 23}seatsha08 mer2009 mer2010 mer2012 mer2014 mer2015
{col 23}merseat2009 merseat2010 merseat2012 merseat2014
{col 23}merseat2015
Dropped collinear:{col 23}_Iyear_2001 _Iyear_2002 _Iyear_2004 _Iyear_2006
{col 23}_Iyear_2008 _Iyear_2011 _Iyear_2013
{hline 78}

{com}. est sto schoolpc
{txt}
{com}. xi: ivreg2 health_jobspc i.year $did, cluster(coid kuntaid)
{txt}i.year{col 19}_Iyear_2000-2015{col 39}(naturally coded; _Iyear_2000 omitted)
Warning - collinearities detected
Vars dropped:{col 21}_Iyear_2001 _Iyear_2002 _Iyear_2004 _Iyear_2006 _Iyear_2008
{col 21}_Iyear_2011 _Iyear_2013
{res}
{txt}OLS estimation
{hline 14}

Estimates efficient for homoskedasticity only
Statistics robust to heteroskedasticity and clustering on coid and kuntaid

Number of clusters (coid) = {col 33}{res}   147{txt}{col 55}Number of obs = {res}    4968
{txt}Number of clusters (kuntaid) = {col 33}{res}   234{txt}{col 55}F( 20,   146) = {res}   24.59
{txt}{col 55}Prob > F      = {res}  0.0000
{txt}Total (centered) SS     = {res} 2.095024985{txt}{col 55}Centered R2   = {res}  0.1166
{txt}Total (uncentered) SS   = {res} 13.90247959{txt}{col 55}Uncentered R2 = {res}  0.8669
{txt}Residual SS             = {res} 1.850733956{txt}{col 55}Root MSE      = {res}   .0193

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}health_job~c{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} .0018598{col 26}{space 2} .0005037{col 37}{space 1}    3.69{col 46}{space 3}0.000{col 54}{space 4} .0008727{col 67}{space 3}  .002847
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} .0041203{col 26}{space 2} .0006256{col 37}{space 1}    6.59{col 46}{space 3}0.000{col 54}{space 4} .0028942{col 67}{space 3} .0053465
{txt}{space 1}_Iyear_2007 {c |}{col 14}{res}{space 2} .0077488{col 26}{space 2} .0006491{col 37}{space 1}   11.94{col 46}{space 3}0.000{col 54}{space 4} .0064765{col 67}{space 3}  .009021
{txt}{space 1}_Iyear_2009 {c |}{col 14}{res}{space 2} .0060042{col 26}{space 2} .0011332{col 37}{space 1}    5.30{col 46}{space 3}0.000{col 54}{space 4} .0037831{col 67}{space 3} .0082252
{txt}{space 1}_Iyear_2010 {c |}{col 14}{res}{space 2} .0058388{col 26}{space 2}  .001264{col 37}{space 1}    4.62{col 46}{space 3}0.000{col 54}{space 4} .0033614{col 67}{space 3} .0083162
{txt}{space 1}_Iyear_2012 {c |}{col 14}{res}{space 2} .0115563{col 26}{space 2} .0010159{col 37}{space 1}   11.38{col 46}{space 3}0.000{col 54}{space 4} .0095652{col 67}{space 3} .0135474
{txt}{space 1}_Iyear_2014 {c |}{col 14}{res}{space 2} .0108966{col 26}{space 2} .0008424{col 37}{space 1}   12.94{col 46}{space 3}0.000{col 54}{space 4} .0092456{col 67}{space 3} .0125476
{txt}{space 1}_Iyear_2015 {c |}{col 14}{res}{space 2} .0107133{col 26}{space 2} .0010284{col 37}{space 1}   10.42{col 46}{space 3}0.000{col 54}{space 4} .0086976{col 67}{space 3}  .012729
{txt}{space 6}merger {c |}{col 14}{res}{space 2} .0272209{col 26}{space 2} .0059358{col 37}{space 1}    4.59{col 46}{space 3}0.000{col 54}{space 4} .0155869{col 67}{space 3} .0388549
{txt}{space 3}seatsha08 {c |}{col 14}{res}{space 2} .0374476{col 26}{space 2} .0068345{col 37}{space 1}    5.48{col 46}{space 3}0.000{col 54}{space 4} .0240523{col 67}{space 3} .0508429
{txt}{space 5}mer2009 {c |}{col 14}{res}{space 2}-.0140918{col 26}{space 2}  .002627{col 37}{space 1}   -5.36{col 46}{space 3}0.000{col 54}{space 4}-.0192406{col 67}{space 3} -.008943
{txt}{space 5}mer2010 {c |}{col 14}{res}{space 2}-.0095615{col 26}{space 2} .0026651{col 37}{space 1}   -3.59{col 46}{space 3}0.000{col 54}{space 4} -.014785{col 67}{space 3} -.004338
{txt}{space 5}mer2012 {c |}{col 14}{res}{space 2}-.0110632{col 26}{space 2} .0025434{col 37}{space 1}   -4.35{col 46}{space 3}0.000{col 54}{space 4}-.0160483{col 67}{space 3}-.0060782
{txt}{space 5}mer2014 {c |}{col 14}{res}{space 2} -.009339{col 26}{space 2}  .002449{col 37}{space 1}   -3.81{col 46}{space 3}0.000{col 54}{space 4} -.014139{col 67}{space 3}-.0045389
{txt}{space 5}mer2015 {c |}{col 14}{res}{space 2}-.0124196{col 26}{space 2} .0027754{col 37}{space 1}   -4.47{col 46}{space 3}0.000{col 54}{space 4}-.0178593{col 67}{space 3}-.0069798
{txt}{space 1}merseat2009 {c |}{col 14}{res}{space 2} .0288408{col 26}{space 2}  .004662{col 37}{space 1}    6.19{col 46}{space 3}0.000{col 54}{space 4} .0197034{col 67}{space 3} .0379782
{txt}{space 1}merseat2010 {c |}{col 14}{res}{space 2} .0212623{col 26}{space 2} .0037955{col 37}{space 1}    5.60{col 46}{space 3}0.000{col 54}{space 4} .0138231{col 67}{space 3} .0287014
{txt}{space 1}merseat2012 {c |}{col 14}{res}{space 2} .0241798{col 26}{space 2} .0042962{col 37}{space 1}    5.63{col 46}{space 3}0.000{col 54}{space 4} .0157594{col 67}{space 3} .0326001
{txt}{space 1}merseat2014 {c |}{col 14}{res}{space 2} .0234441{col 26}{space 2} .0046827{col 37}{space 1}    5.01{col 46}{space 3}0.000{col 54}{space 4} .0142661{col 67}{space 3} .0326221
{txt}{space 1}merseat2015 {c |}{col 14}{res}{space 2} .0265738{col 26}{space 2} .0049454{col 37}{space 1}    5.37{col 46}{space 3}0.000{col 54}{space 4} .0168809{col 67}{space 3} .0362667
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .0048347{col 26}{space 2} .0070253{col 37}{space 1}    0.69{col 46}{space 3}0.491{col 54}{space 4}-.0089346{col 67}{space 3}  .018604
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
Included instruments:{col 23}_Iyear_2003 _Iyear_2005 _Iyear_2007 _Iyear_2009
{col 23}_Iyear_2010 _Iyear_2012 _Iyear_2014 _Iyear_2015 merger
{col 23}seatsha08 mer2009 mer2010 mer2012 mer2014 mer2015
{col 23}merseat2009 merseat2010 merseat2012 merseat2014
{col 23}merseat2015
Dropped collinear:{col 23}_Iyear_2001 _Iyear_2002 _Iyear_2004 _Iyear_2006
{col 23}_Iyear_2008 _Iyear_2011 _Iyear_2013
{hline 78}

{com}. est sto healthpc
{txt}
{com}. esttab govpc schoolpc healthpc, $tab keep(_cons $did)
{res}
{txt}{hline 57}
{txt}                      (1)            (2)            (3)  
{txt}                    govpc       schoolpc       healthpc  
{txt}{hline 57}
{txt}_cons       {res}       -0.001         -0.001          0.005  {txt}
            {res} {ralign 12:{txt:[}0.003{txt:]}}   {ralign 12:{txt:[}0.004{txt:]}}   {ralign 12:{txt:[}0.007{txt:]}}  {txt}
{txt}merger      {res}        0.010**        0.013**        0.027**{txt}
            {res} {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.003{txt:]}}   {ralign 12:{txt:[}0.006{txt:]}}  {txt}
{txt}seatsha08   {res}        0.011**        0.022**        0.037**{txt}
            {res} {ralign 12:{txt:[}0.003{txt:]}}   {ralign 12:{txt:[}0.004{txt:]}}   {ralign 12:{txt:[}0.007{txt:]}}  {txt}
{txt}mer2009     {res}       -0.008**       -0.006**       -0.014**{txt}
            {res} {ralign 12:{txt:[}0.001{txt:]}}   {ralign 12:{txt:[}0.001{txt:]}}   {ralign 12:{txt:[}0.003{txt:]}}  {txt}
{txt}mer2010     {res}       -0.006**       -0.001         -0.010**{txt}
            {res} {ralign 12:{txt:[}0.001{txt:]}}   {ralign 12:{txt:[}0.001{txt:]}}   {ralign 12:{txt:[}0.003{txt:]}}  {txt}
{txt}mer2012     {res}       -0.007**       -0.002         -0.011**{txt}
            {res} {ralign 12:{txt:[}0.001{txt:]}}   {ralign 12:{txt:[}0.001{txt:]}}   {ralign 12:{txt:[}0.003{txt:]}}  {txt}
{txt}mer2014     {res}       -0.007**       -0.001         -0.009**{txt}
            {res} {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.001{txt:]}}   {ralign 12:{txt:[}0.002{txt:]}}  {txt}
{txt}mer2015     {res}       -0.006**       -0.000         -0.012**{txt}
            {res} {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.001{txt:]}}   {ralign 12:{txt:[}0.003{txt:]}}  {txt}
{txt}merseat2009 {res}        0.013**        0.007**        0.029**{txt}
            {res} {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.005{txt:]}}  {txt}
{txt}merseat2010 {res}        0.012**        0.001          0.021**{txt}
            {res} {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.004{txt:]}}  {txt}
{txt}merseat2012 {res}        0.014**        0.004          0.024**{txt}
            {res} {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.004{txt:]}}  {txt}
{txt}merseat2014 {res}        0.014**        0.002          0.023**{txt}
            {res} {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.005{txt:]}}  {txt}
{txt}merseat2015 {res}        0.012**        0.001          0.027**{txt}
            {res} {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.002{txt:]}}   {ralign 12:{txt:[}0.005{txt:]}}  {txt}
{txt}{hline 57}
{txt}N           {res}         4968           4968           4968  {txt}
{txt}R-sq        {res}        0.035          0.077          0.117  {txt}
{txt}{hline 57}
{txt}Standard errors in brackets
{txt}* p<0.05, ** p<0.01

{com}. 
. *Figure 4
. use "$data\municipality_level_data_PSRM.dta", clear
{txt}
{com}. 
. *combine weak and medium groups
. replace treatgroup=2 if treatgroup==3
{txt}(496 real changes made)

{com}. replace treatgpop=2 if treatgpop==3
{txt}(2,400 real changes made)

{com}. 
. by year treatgroup, sort: egen lhpricemeang=mean(logmunsqprice)
{txt}
{com}. by year treatgpop, sort: egen lhpricemeanpop=mean(logmunsqprice)
{txt}
{com}. 
. global cond0 "if treatgroup==0"
{txt}
{com}. global cond1 "if treatgroup==1"
{txt}
{com}. global cond2 "if treatgroup==2"
{txt}
{com}. 
. global condpop1 "if treatgpop==1"
{txt}
{com}. global condpop2 "if treatgpop==2 | treatgpop==3"
{txt}
{com}. 
. gen lhpricemeang0=lhpricemeang
{txt}
{com}. gen lhpricemeang1=lhpricemeang
{txt}
{com}. gen lhpricemeang2=lhpricemeang
{txt}
{com}. 
. gen lhpricemeangpop1=lhpricemeanpop
{txt}
{com}. gen lhpricemeangpop2=lhpricemeanpop
{txt}
{com}. gen lhpricemeangpop3=lhpricemeanpop
{txt}
{com}. 
. la var lhpricemeang0 "No merger"
{txt}
{com}. la var lhpricemeang1 "Strong"
{txt}
{com}. la var lhpricemeang2 "Medium + Weak"
{txt}
{com}. 
. la var lhpricemeangpop1 "Strong"
{txt}
{com}. la var lhpricemeangpop2 "Medium + Weak"
{txt}
{com}. 
. global figspeclog "xline(2008.5, lcolor(blue)) xline(2013.5) mcolor(black) connect(l) lpattern(dash) lcolor(black) msize(large) xlabel(2000(1)2015, angle(45)) ylabel(6.4(0.4)7.6) ytitle(Log house price) xtitle("") legend(size(small))"
{txt}
{com}. 
. *Left panel
. twoway (scatter lhpricemeang0 year $cond0, $figspeclog msymbol(x)) ///
> (scatter lhpricemeang1 year $cond1, $figspeclog msymbol(o)) ///
> (scatter lhpricemeang2 year $cond2, $figspeclog msymbol(oh) graphregion(color(white)))
{res}{txt}
{com}. graph save Graph "$data\priceL.gph", replace
{res}{txt}(file h:\priceL.gph saved)

{com}. 
. *Right panel
. twoway (scatter lhpricemeangpop1 year $condpop1, $figspeclog msymbol(o)) ///
> (scatter lhpricemeangpop2 year $condpop2, $figspeclog msymbol(oh) graphregion(color(white))) 
{res}{txt}
{com}. graph save Graph "$data\priceR.gph", replace
{res}{txt}(file h:\priceR.gph saved)

{com}. 
. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}h:\HST_PSRM_log.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}14 Feb 2019, 15:16:34
{txt}{.-}
{smcl}
{txt}{sf}{ul off}